Cloud Endpoint Protection Service Market Trends

Growth Drivers

• Escalating Trend of BYOD (bring your own device) in the Workplace - BYOD (bring your own device) is an organizational policy that permits employees to use their devices for work-related tasks. Accessing emails, connecting to the corporate network, and using corporate apps and data are a few instances of those actions. Bring Your Own Device (BYOD) has developed as a big trend for numerous enterprises around the world in this modern age of agility and internet accessibility, which makes the work environment more productive. Thus, the surging trend of BYOD is estimated to spike the growth of the cloud endpoint protection service market in the projected time frame. For instance, as per a survey, currently, around 68% of people worldwide are utilizing personal devices at work.

• Surging Count of Endpoints in Businesses - An endpoint is a distant computing device that exchanges data within the network to which it is linked. When a device joins a network, the exchange of information between two devices within the network begins. Since endpoints are entrances for business data and are prone to assault by nature, cybercriminals target them. They are not protected by network security and rely on people to implement security measures, which leaves chances for human error. Thus, the surging count of endpoints in businesses is also estimated to spur market growth during the forecast period. For instance, currently, on average a business maintains about 136,000 endpoint devices.

• Increasing Ratio of Phishing Attacks – For instance, currently, phishing attacks are to account for around 92% of security breaches in organizations throughout the world. The average cost for small and midsize organizations to recover from a phishing assault is around USD 1.8 million.

• Dynamic Emergence in Crypto Jacking – Presently, crypto-jacking is incredibly emerging and surging the threat of hacking more than in past years. For instance, crypto-jacking has increased by around 235% by the end of 2022 throughout the world.

• Rise in Digitization Across the Globe – Digitalization has become a need of the hour as its implementation is surging at a higher pace. Digitalization lowers expenses while increasing productivity and efficiency. Digitalization enhances an already efficient business procedure. Digital transformation is very helpful to speed up the whole business process. But many times, digitalization come across cyber threat which is highly important to check and control. Hence, growth in digitalization is also estimated to present potential growth opportunities for the market in the coming years. For instance, as per a worldwide survey conducted in 2021, nearly 85% of senior business leaders accepted that digitalization is a primary concern, and around 93% of organizations were involved in some sort of digital program.

Challenges

• Lack of Skilled Technical Professionals -  Several organizations throughout the world have been facing a dearth of skilled technical professionals who are highly proficient in handling security systems and resolving endpoint security breaches. Moreover, providing continuous training to technical staff is somehow quite expensive for mid-level businesses and SMEs. Hence, this factor is anticipated to hamper the market growth in the coming years.
• A Dearth of Awareness Regarding Data Breaches in Emerging Economies
• Rising Skill Gaps as of the Dynamic Evolution of Digital Solutions